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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 4, 2011
BIODEL INC.
(Exact name of registrant as specified in its charter)
Commission File Number 001-33451
Delaware (State or other jurisdiction of incorporation or organization) |
90-0136863 (IRS Employer Identification Number) |
|
100 Saw Mill Road Danbury, Connecticut (Address of principal executive offices) |
06810 (Zip code) |
(203) 796-5000
(Registrants telephone number, including area code)
(Registrants telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 2.05 Costs Associated with Exit or Disposal Activities. | ||||||||
SIGNATURES |
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Item 2.05 Costs Associated with Exit or Disposal Activities.
On January 4, 2011, the board of directors of Biodel Inc. (Biodel) committed to a
restructuring plan resulting in a reduction in force affecting 16 employees, none of whom are
executives of Biodel. The restructuring plan is primarily designed to align Biodels organizational
structure to improve operational efficiencies in light of Biodels plan to determine whether one of
its proprietary rapid-acting insulin or insulin analog formulations should be advanced in place of
Linjeta, which is the subject of a complete response letter from the U.S. Food and Drug
Administration.
Employees directly affected by the reduction in force have received notification and will be
provided with severance payments and continuation of benefits for a limited term. The positions
impacted are across Biodels business functions, including research and development, clinical,
operations and general and administrative departments. As a result of
the restructuring plan, Biodel
estimates that it will record an aggregate restructuring charge of approximately $0.4 million in
the second quarter of fiscal year 2011 for severance and other personnel related expenses, such as
employee benefits.
Biodel forward-looking statements
This current report on form 8-K contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, but not limited to, statements related
to the workforce reduction plan and the amount and expected timing of costs, expense savings and
other charges related to these activities. These forward-looking statements are based on the
current intent and expectations of the management of Biodel. These statements are not guarantees of
future performance or actions and involve risks and uncertainties that are difficult to predict.
Biodels actual performance in the timing and outcome of actions and events may differ materially
from those expressed or implied in the forward-looking statements because such statements are based
on assumptions and projections relating to these activities that are inherently uncertain and may
also be affected by risks such as: that the costs related to the workforce reduction plan may be
higher than estimated; that the savings related to the workforce reduction plan may be lower than
expected; and the other risks and uncertainties described in Biodels SEC reports filed under the
Securities Exchange Act of 1934, including its annual report on form 10-K for the fiscal year ended
September 30, 2010. Except as required by law, Biodel undertakes no obligation to update any
forward-looking or other statements in this report, whether as a result of new information, future
events or otherwise.
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